UTOPIA DEVELOPMENTS LIMITED V JUN-HA CHO HC TAU CIV-2009-470-001083

UTOPIA DEVELOPMENTS LIMITED V JUN-HA CHO HC TAU CIV-2009-470-001083

Defendant failed to comply with clear contractual settlement obligations and notice; plaintiff demonstrated readiness to complete and contractual clauses expressly provided for specific performance, penalty interest and costs; therefore the court ordered specific performance, awarded contractual penalty interest and costs, and granted leave to seek damages if specific performance is not complied with by the specified date.

Citation
openlaw-c2050f0e_59bb_4581_a54a_89c0b97d185b.pdf
Parties
Plaintiff: Utopia Developments Limited; Defendant: Jun-Ha Cho
Court
High Court
Jurisdiction
New Zealand
Judgment Date
29 March 2010
Procedural Posture
Civil (contract/property) / Formal Proof Hearing; Judgment by Default
Outcome
Judgment for plaintiff by default: specific performance ordered, penalty interest ordered, continuing penalty interest ordered, costs and disbursements awarded, and leave granted to seek damages if defendant fails to comply with specific performance by 30 April 2010.
Legal Topics
Specific Performance, Penalty Interest, Costs, Damages, Sale of Land, High Court Rules R 5.31(2)
Contract Law Property Law Civil Procedure Specific Performance Penalty Interest Costs Damages Sale of Land +1 more

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Parties

Utopia Developments Limited

Plaintiff

Jun-Ha Cho

Defendant

Procedural Posture

Civil (contract/property) / Formal Proof Hearing; Judgment by Default

Legal Issues

  1. 1 Whether purchaser's failure to settle justified specific performance
  2. 2 Entitlement to contractual penalty interest for late settlement
  3. 3 entitlement to costs and disbursements

Ratio Decidendi

Defendant failed to comply with clear contractual settlement obligations and notice; plaintiff demonstrated readiness to complete and contractual clauses expressly provided for specific performance, penalty interest and costs; therefore the court ordered specific performance, awarded contractual penalty interest and costs, and granted leave to seek damages if specific performance is not complied with by the specified date.

Court Disposition

Judgment for plaintiff by default: specific performance ordered, penalty interest ordered, continuing penalty interest ordered, costs and disbursements awarded, and leave granted to seek damages if defendant fails to comply with specific performance by 30 April 2010.

Orders

  • Order for specific performance: defendant to complete settlement on or before 30 April 2010
  • Penalty interest at 14% per annum on $210,640.84 for period 10 October 2009 to 29 March 2010 (171 days) totalling $13,815.09